The United States is still under the influence of inflation, as can be seen from the CPI index data report on October 13, 2022, at 19.30 WIB, which is perched at 8.2%.
The annual inflation rate fell by 0.1% from the previous month's report, but it was still higher than the forecast of 8.1%, so the inflation rate was still considered high.
Traditional indices and contracts, such as gold contracts, fell 2% to $1644 per troy ounce immediately after the CPI index was announced, and the American S&P 500 stock index contract fell 3.8% to $3508.
What about Bitcoin and other altcoins ?
Bitcoin Price
The CPI index report with above-predicted numbers has happened before in the July and September 2022 reports, where the impact of the report was a decline in the price of Bitcoin and almost all cryptocurrencies.
In this October's CPI report, the actual inflation rate was 8.2%, which was above the 8.1% prediction. Shortly after the report was published, Bitcoin price declined by 4.3% to a low of $18,187 in 24 hours.
The CPI index makes bitcoin volatility high. After the sharp decline, Bitcoin managed to reverse the price to $19,800, which is an 8.9% increase a few hours after the report was published.
Other altcoin prices
Right after the report was published, Ethereum, the altcoin with the largest market cap, fell 7.7% to its lowest price in 24 hours of $1,156.
The movement in the last few hours following the decline shows a 15% increase in price to $1,330.
A graph of the movement of crypto market capitalization outside Bitcoin will be seen to see the overall price of altcoins. In total, altcoins lost $14 billion in value in the minutes following the report's publication.
A few hours after the report, it appears that altcoins are recovering, with a $35 billion (Rp538.8 trillion) increase in valuation.
Bitcoin and cryptocurrency prices fell simultaneously after the report was released because the inflation rate on the ground was 8.2%, which was higher than the 8.1% prediction, which assumed that inflation in the United States remained high.
Bitcoin and cryptocurrency prices have recovered a few hours after the CPI index report, with Bitcoin rising 8.9%, Ethereum rising 15%, and the valuation of cryptocurrencies other than Bitcoin ( altcoins ) rising by $35 billion.
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